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2012 Construction Industry Review

Are there any notable changes in private sector construction?

According to IHS Global Insight, privately funded construction saw a 14.4% increase year-on-year from August 2011-August 2012. This was fueled by the residential sector, along with lodging, office, educational and power-related construction work. Although there were slight gains in the power, transportation and amusement and recreation sub-categories, private non-residential work was -3.6% lower in September than a year previously.
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Residential construction is projected to increase 8% to $264.4 billion in 2012. Nonresidential buildings are projected to increase 4% to $341 billion, with slightly higher growth in 2013 to $361 billion. That said, fierce bidding competition among "hungry contractors" will continue to keep profit margins low.
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